Asian shares crept higher today as investors braced for a week where US inflation data will test wagers the next move in interest rates will be down, while worries about a possible credit crunch weighed on the dollar.

The Nikkei is trading down 0.7% and the Hang Seng index is trading higher by 0.4%. The Shanghai Composite is trading marginally higher.

US stocks rallied on Friday, with the Dow posting its biggest one-day percentage gain since 6 January 2023, as shares of Apple surged more than 4% after upbeat results and US jobs data pointed to a resilient labor market.

The Dow Jones Industrial Average rose 1.7% and the tech-heavy Nasdaq Composite ended 2.3% higher.

Here's a table showing how US stocks performed on Friday Last week:

Source: Equitymaster

Back home, Indian share markets are trading on a positive note following the trend on SGX Nifty.

At present, the BSE Sensex is trading higher by 522 points. Meanwhile, the NSE Nifty is trading up by 141 points.

Benchmark indices opened in the green today. As the session progressed gains were erased.

M&M and ONGC are among the top gainers today.

Coal India and Sun Pharma on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.7%.

Sectoral indices are trading on a positive note with stocks in the realty sector and banking sector witnessing the most buying.

Shares of MRF and Nestle hit their 52-week high today.

The rupee is trading at Rs 81.7 against the US dollar.

In commodity markets, gold prices are trading higher by 0.4% to Rs 60,880 per 10 grams today.

Meanwhile, silver prices are trading marginally higher at Rs 77,265 per 1 kg.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...
 

Marico Q4 results

Marico, home to popular brands Parachute and Saffola, reported a 3.6% YoY rise in revenue to Rs 22.4 billion (bn). Net profit for the quarter jumped 20% YoY to Rs 3 bn, helped by a recovery in rural demand and easing inflation.

Consumer goods makers have been winding down price hikes in recent months in line with easing commodity costs, encouraging people to buy more branded products.

According to government data, India's annual retail inflation eased to 5.66% in March 2023. The company also pointed to early signs of a demand recovery in rural India.

The company's domestic volume growth came in at 5% for the quarter.

In the quarter, Parachute Rigids posted 9% volume growth, Value Added Hair Oil clocked 13% value growth, while the foods business grew 18% to close near the Rs 6 bn revenue mark.

The Saffola franchise, comprising refined edible oils and foods, declined 9% in value terms, given the low teen revenue decline in edible oils.

Marico is one of India's leading consumer products companies operating in the beauty and wellness space.

The company's shares touched their 52-week low on 19 April 2023. 

MSCI to lower free float of two Adani companies

MSCI will lower the free float of two of India's Adani Group companies, Adani Total Gas and Adani Transmission, in its May index review.

According to a release on Friday, Adani Total Gas' FIF would be reduced to 14% from 25%, while for Adani Transmission, it decided to reduce it to 10% against 25% earlier.

The MSCI May Index review announcement is scheduled for 11 May 2023.

Free float is defined as the proportion of outstanding shares considered available for purchase in public equity markets by international investors.

The decision to mark down the free float of two Adani companies follows MSCI's February announcement to postpone the implementation of these updates, initially due in March. The index provider cited potential replicability issues as the reason for the delay.

Additionally, MSCI stated in February that it would review the free float designation of some Adani firms' securities following accusations by US short-seller Hindenburg Research.
 

Coal India Q4 net profit tumbles 18%

Coal India, for the March 2023 quarter, reported a 17% YoY rise in revenue to Rs 351.6 billion (bn). Net profit for the quarter came in at Rs 55.3 bn, down 17.7% YoY from a year ago.

The state-run coal mining company's profitability was affected by increased provisions of Rs 3.4 bn. Also, employee benefit expenses jumped 60% YoY to Rs 169.8 bn.

In January, the coal miner reached an agreement to propose a new wage agreement for its non-executive employees, which will increase the annual wage bill to around Rs 460 bn, a likely rise of approximately Rs 60 bn.

If the provision had not been made, the net profit would have been the highest profit ever recorded in any quarter.

Despite a 41% decrease in e-auction sales volume in Q4 compared to the same quarter last year, Coal India was able to increase its e-auction sales revenue by Rs 6.9 due to higher premiums under the e-window.

The company recommended a final dividend of Rs 4 per share. Earlier, a total dividend of Rs 20.25 per share was already paid out in two tranches.

Coal India (CIL) is an Indian central public sector undertaking (PSU) under the ownership of the Ministry of Coal, Government of India. The PSU contributes around 82% to the total coal production in India.

Coming to the stock performance, the share price of Coal India has eroded over 5% so far in 2023.

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